Oscar J Jeke, Zim Now Reporter
Premier African Minerals Limited has announced an interim funding initiative to raise £600,000 to support its Zulu Lithium and Tantalum Project in Zimbabwe.
The funding, secured through a direct subscription, will result in the issuance of 4.8 billion new ordinary shares at 0.0125 pence per share. Additionally, the company has settled US$0.3 million (£0.23 million) in contractor invoices by issuing 1.84 billion new shares at the same price. The combined issuance of 6.64 billion new shares aims to sustain essential operational requirements at Zulu while Premier continues to seek long-term funding solutions.
According to the company, “The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to announce a subscription today to raise £600,000 before expenses at an issue price of 0.0125 pence per new ordinary share ("Issue Price"), primarily for the Zulu Lithium and Tantalum Project ("Zulu"),” the statement reads.
Premier confirmed that an application has been made for the newly issued shares to be admitted to trading on AIM, with admission expected around March 13, 2025. Following the issuance, the company’s total issued share capital will rise to 46.47 billion ordinary shares.
The company is actively engaging with existing stakeholders and potential investors, including Zulu’s prepayment and offtake partner, in efforts to secure full project financing. Premier’s board emphasized that continued financial support remains critical for maintaining operations at both Zulu and the broader company.
“It remains of fundamental importance that Premier continues to support all essential operational requirements at both Premier and Zulu while actively seeking to secure a fully funded solution for Zulu. Premier continues engaging with both existing stakeholders and new potential investors, with a particular focus on Zulu's prepayment and offtake partner, with whom detailed discussions continue,” the company said in a statement.
This latest funding follows a previous fundraising round in January 2025, in which Premier raised £1.2 million.
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